Japan’s number one retail chain Seven & I Holdings is looking to open an extra 30 per cent more supermarkets in Japan to cater for consumers’ demand for budget produce.
The expansion will cost the retailer US$408.4m, according to the Nikkei Financial Daily, and will be complete by early 2011. The plan includes opening new stores and renovating existing ones.
Rising fuel and food prices are pushing Japanese consumers to cut-price foods. Seven & I has seen lacklustre results in its department stores, but rising sales in its supermarkets’ own-brand lines.
The new supermarkets will bring the company’s Japanese store total to 300, and will be opened in the country’s eastern and northeastern regions.
